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permanent tsb introduces new business lending products for SMEs

Minister for Finance welcomes move to support small businesses.

permanent tsb today launched a new business banking offering which has been specially designed for small businesses of fewer than 50 employees and with a turnover of less than €10 million. This is the first comprehensive suite of business banking products launched by the bank since the financial crisis and reflects its strategy of focussing on the smaller end of the business banking market where there is considerable overlap between personal and small business accounts. Killian O’Flynn has been appointed as Head of Business Banking at permanent tsb.

The launch took place in the new state-of-the-art branch and business centre on O’Connell Street in Limerick. The Minister for Finance, Michael Noonan TD, has welcomed the move by permanent tsb in respect of small business banking products.

The new business banking products include:

business overdrafts,

business loans

business mortgages

Rates are priced competitively at 8.0%, 6.5% and 4.5% for the overdrafts, loans and mortgages respectively.

The Bank has also launched a new VISA Business Debit Card for SME customers. An enhanced BUSINESS24 internet banking service will be available from the New Year.

I am very pleased that permanent tsb has expanded its product range to support small businesses. Supporting SME’s and ensuring access to credit has remained a strong focal point of this government and, with the addition of permanent tsb as a new lender to this sector, I welcome the benefits that increased banking competition will offer SMEs throughout Ireland. I am also delighted that the bank is investing in its network and has opened a new flagship branch and business centre in O’Connell Street, Limerick.

Jeremy Masding, Group Chief Executive of permanent tsb said;

Our aim is to offer simple banking solutions to small business owners delivered locally with a personal touch. We have dedicated customer advisers available to discuss banking needs in each of our 77 branches, supported by dedicated and mobile SME Business Managers and a central SME Banking team. We now offer competitively priced overdrafts and loans, specifically focused on small businesses, and our intention is to expand on these competitive services to small businesses in the coming months.

Grainne Walsh, Branch Manager, O’Connell Street, Limerick said that permanent tsb is investing €1.7 million to reconfigure its Limerick branches, including a second new branch in Castletroy demonstrating the Bank’s commitment to Limerick.

The new branch on O’Connell Street has a prominent city centre location in the business hub of the city, large ground floor banking hall and customer meeting rooms on the first floor where business and personal customers can discuss their banking needs. The new location offers a better banking environment for customers and we look forward to welcoming customers to the new branch.

Further information on the products referred to above can be found online.